John Henry denies Red Sox sale
September 13, 2012
A FOX Business story based on anonymous sources said earlier that Henry's Fenway Sports Group was quietly shopping the team; the fund manager adamantly denied it.
John Henry has firmly denied rumors that his Fenway Sports Group is quietly working to sell the Boston Red Sox. The founder of hedge fund firm John W. Henry & Co. was said to be "quietly shopping the team to potential buyers" in a FOX Business report today that cited unnamed sources. The article alleged that losses at the hedge fund are "likely weighing on the consideration to sell the team."
||John Henry (Photo: Bloomberg)|
"A sale of any kind is so far from our thinking it hasn’t even come up apart from technical planning issues involving death or disability. This report is completely without foundation,” Henry told the Boston Globe.
"Regarding unnamed sources: Any sale discussions that may have taken place were missing three key people—[co-owners] Larry [Lucchino], Tom [Werner] and me. The Sox and any of the other components of FSG are not for sale and will not be for the foreseeable future."
Managed futures focused JWH ran $3.5 billion in 2005 but has fallen to about $162 million today, according to the firm's website. The largest fund, $100 million JWH GlobalAnalytics, is down 15.90% this year through August. JWH Diversified Plus, which manages $31 million, is also down 5.19% in 2012.
While his hedge fund fortunes have suffered, Henry is now best known as a principal owner of the Red Sox, which he bought with partners for $690 million in 2002 and successfully turned into a two-time World Series champion. More recently, he purchased Liverpool Football Club of the English Premier League in October 2010 for $476 million. Henry’s portfolio of companies—via Fenway Sports Group—also includes Fenway Sports Management, a sales and marketing company; television channel New England Sports Network; and Roush Fenway Racing, a NASCAR team.
See also: John W. Henry & Co. hires business development chief